How inflation will impact business: We know inflation means rising consumer prices and global energy costs and, as we continue to see labor and supply chain issues, running a business has become extremely expensive. However, there are actions you can take to bolster your organization’s financial health. For example, be sure to make smart decisions around costs. Focus on areas that contribute to your business’s profitability, and cut those that do not. In the same vein, consider cleaning up your product and service portfolio to core offerings with the best margins and most demand. You can also strategically stock inventory to use as a physical hedge and provide a competitive edge against other companies that may fail to prepare. Lastly, consider automation to help mitigate the impact of upward wage pressure and the labor shortage. This step can also help retain current workers by allowing them to work on less manual and tedious tasks. Like what you learned about protect...
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